Step 1: Understanding Lenz's Law.
Lenz's law states that the direction of the induced current will oppose the change in the magnetic flux that caused it. This is a direct consequence of the conservation of energy.
Step 2: Direction of induced current.
The induced current will flow in such a direction as to create a magnetic field that opposes the change in the original magnetic field.
Step 3: Conclusion.
Hence, Lenz's law explains the direction of the induced current and is a result of the conservation of energy.